Parkson Group drops 3% chairman take advantage of high placing but not change holding position

Parkson Group, which was held at a discount by the controlling shareholder, lowered its bid earlier this morning, opening 3.41% to HK $11.9 and trading 55.0625 million shares. The company announced that Sri Cheng, the controlling shareholder and Chairman, had allocated 55 million shares of Parkson Group in Monday at HK $11.71 a share of HK $644 million.　　The selling price is 12.32 Hong Kong dollar discount to the company's Monday close of 4.95%; The placing shares account for about 1.96% of the total issued share capital, after placing the Sri Cheng still owns more than 50% of the listed companies, and the absolute holding position remains unchanged. Cheong Securities rush to think that the issue may be opportunistic, because the stock has risen 25% since the end of April, but also to the last July, the 10-month high after the removal of power. He also said Yum's earnings outlook remained good because of optimism in the Chinese economy, with Thomson Reuters predicting a 09-11 per cent net profit growth of 16.2%, 20.5% and 22.8% over a year earlier.